Beyond Meat Inc BYND shares are trading higher Thursday. The stock was volatile Wednesday night after the company reported its third-quarter financial results.
Beyond Meat said third-quarter revenue decreased 22.5% year-over-year to $82.5 million, which missed average analyst estimates of $98.11 million, according to Benzinga Pro. The company reported a quarterly net loss of $1.60 per share, which missed average estimates for a loss of $1.14 per share.
"As we shared last month, Beyond Meat is executing a full force pivot to a sustainable growth model, emphasizing the achievement of cash flow positive operations within the second half of 2023. This transition is designed to fortify our business in the near-term as record inflation continues to pose a challenge for our brand and category," said Ethan Brown, president and CEO of Beyond Meat.
Beyond Meat expects full-year 2022 revenue to be between $400 million and $425 million versus average estimates of $453.35 million.
BYND Price Action: Beyond Meat shares were down 9.56% at $12.95 at time of publication.
Photo: courtesy of Beyond Meat.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.